Treasury note

912828V98 · 2.25% due February 15, 2027

Original term
10-Year
Maturity
Feb 15, 2027
Coupon
2.250%
Pays
Semi-Annual
Dated
Feb 15, 2017
First coupon
Aug 15, 2017
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$61.00bn
Held stripped
$491.0m
Share stripped
0.80%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.021%
Modified duration
0.422 yr
DV01
0.0042
Convexity
0.356
Dirty price
99.409

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 2 of twelve buckets, summing to 0.433 years against a modified duration of 0.422.

Against the fitted curve

Priced 4.4 bp rich to the curve on that day, 1.83 cents per 100 of face.

That is -0.60 standard deviations from its own typical residual.

Yield to maturity, 2,394 observations

0%1%2%3%4%5%6%Feb 15, 2017Sep 9, 2026Feb 15, 2017Yield to maturity2.506%Mar 2, 2017Yield to maturity2.489%Mar 16, 2017Yield to maturity2.526%Mar 30, 2017Yield to maturity2.418%Apr 13, 2017Yield to maturity2.232%Apr 28, 2017Yield to maturity2.286%May 12, 2017Yield to maturity2.333%May 26, 2017Yield to maturity2.257%Jun 12, 2017Yield to maturity2.210%Jun 26, 2017Yield to maturity2.138%Jul 11, 2017Yield to maturity2.360%Jul 25, 2017Yield to maturity2.323%Aug 8, 2017Yield to maturity2.276%Aug 22, 2017Yield to maturity2.213%Sep 6, 2017Yield to maturity2.103%Sep 20, 2017Yield to maturity2.276%Oct 4, 2017Yield to maturity2.321%Oct 19, 2017Yield to maturity2.317%Nov 2, 2017Yield to maturity2.340%Nov 16, 2017Yield to maturity2.371%Dec 1, 2017Yield to maturity2.368%Dec 15, 2017Yield to maturity2.349%Jan 2, 2018Yield to maturity2.454%Jan 17, 2018Yield to maturity2.568%Jan 31, 2018Yield to maturity2.717%Feb 14, 2018Yield to maturity2.938%Mar 1, 2018Yield to maturity2.826%Mar 15, 2018Yield to maturity2.832%Mar 29, 2018Yield to maturity2.740%Apr 13, 2018Yield to maturity2.825%Apr 27, 2018Yield to maturity2.961%May 11, 2018Yield to maturity2.980%May 25, 2018Yield to maturity2.941%Jun 11, 2018Yield to maturity2.952%Jun 25, 2018Yield to maturity2.870%Jul 10, 2018Yield to maturity2.869%Jul 24, 2018Yield to maturity2.944%Aug 7, 2018Yield to maturity2.964%Aug 21, 2018Yield to maturity2.834%Sep 5, 2018Yield to maturity2.888%Sep 19, 2018Yield to maturity3.065%Oct 3, 2018Yield to maturity3.135%Oct 18, 2018Yield to maturity3.157%Nov 1, 2018Yield to maturity3.107%Nov 16, 2018Yield to maturity3.049%Dec 3, 2018Yield to maturity2.949%Dec 18, 2018Yield to maturity2.780%Jan 3, 2019Yield to maturity2.507%Jan 17, 2019Yield to maturity2.709%Feb 1, 2019Yield to maturity2.645%Feb 15, 2019Yield to maturity2.616%Mar 4, 2019Yield to maturity2.667%Mar 18, 2019Yield to maturity2.544%Apr 1, 2019Yield to maturity2.438%Apr 15, 2019Yield to maturity2.493%Apr 30, 2019Yield to maturity2.436%May 14, 2019Yield to maturity2.343%May 29, 2019Yield to maturity2.179%Jun 12, 2019Yield to maturity2.029%Jun 26, 2019Yield to maturity1.953%Jul 11, 2019Yield to maturity2.018%Jul 25, 2019Yield to maturity1.977%Aug 8, 2019Yield to maturity1.629%Aug 22, 2019Yield to maturity1.566%Sep 6, 2019Yield to maturity1.501%Sep 20, 2019Yield to maturity1.690%Oct 4, 2019Yield to maturity1.432%Oct 21, 2019Yield to maturity1.702%Nov 4, 2019Yield to maturity1.695%Nov 19, 2019Yield to maturity1.710%Dec 4, 2019Yield to maturity1.703%Dec 18, 2019Yield to maturity1.856%Jan 3, 2020Yield to maturity1.711%Jan 17, 2020Yield to maturity1.740%Feb 3, 2020Yield to maturity1.448%Feb 18, 2020Yield to maturity1.476%Mar 3, 2020Yield to maturity0.911%Mar 17, 2020Yield to maturity0.917%Mar 31, 2020Yield to maturity0.552%Apr 15, 2020Yield to maturity0.481%Apr 29, 2020Yield to maturity0.507%May 13, 2020Yield to maturity0.480%May 28, 2020Yield to maturity0.510%Jun 11, 2020Yield to maturity0.479%Jun 25, 2020Yield to maturity0.487%Jul 10, 2020Yield to maturity0.453%Jul 24, 2020Yield to maturity0.411%Aug 7, 2020Yield to maturity0.369%Aug 21, 2020Yield to maturity0.409%Sep 4, 2020Yield to maturity0.450%Sep 21, 2020Yield to maturity0.402%Oct 5, 2020Yield to maturity0.472%Oct 20, 2020Yield to maturity0.485%Nov 3, 2020Yield to maturity0.561%Nov 18, 2020Yield to maturity0.551%Dec 3, 2020Yield to maturity0.555%Dec 17, 2020Yield to maturity0.526%Jan 4, 2021Yield to maturity0.498%Jan 19, 2021Yield to maturity0.611%Feb 2, 2021Yield to maturity0.612%Feb 17, 2021Yield to maturity0.754%Mar 3, 2021Yield to maturity0.930%Mar 17, 2021Yield to maturity1.017%Mar 31, 2021Yield to maturity1.147%Apr 14, 2021Yield to maturity1.065%Apr 28, 2021Yield to maturity1.047%May 12, 2021Yield to maturity1.056%May 26, 2021Yield to maturity0.961%Jun 10, 2021Yield to maturity0.876%Jun 24, 2021Yield to maturity1.010%Jul 9, 2021Yield to maturity0.890%Jul 23, 2021Yield to maturity0.809%Aug 6, 2021Yield to maturity0.844%Aug 20, 2021Yield to maturity0.857%Sep 3, 2021Yield to maturity0.853%Sep 20, 2021Yield to maturity0.878%Oct 4, 2021Yield to maturity1.013%Oct 19, 2021Yield to maturity1.216%Nov 2, 2021Yield to maturity1.197%Nov 17, 2021Yield to maturity1.279%Dec 2, 2021Yield to maturity1.224%Dec 16, 2021Yield to maturity1.210%Dec 31, 2021Yield to maturity1.281%Jan 14, 2022Yield to maturity1.562%Jan 31, 2022Yield to maturity1.621%Feb 14, 2022Yield to maturity1.908%Mar 1, 2022Yield to maturity1.579%Mar 15, 2022Yield to maturity2.129%Mar 29, 2022Yield to maturity2.524%Apr 12, 2022Yield to maturity2.686%Apr 27, 2022Yield to maturity2.838%May 11, 2022Yield to maturity2.915%May 25, 2022Yield to maturity2.747%Jun 9, 2022Yield to maturity3.109%Jun 24, 2022Yield to maturity3.222%Jul 11, 2022Yield to maturity3.102%Jul 25, 2022Yield to maturity2.944%Aug 8, 2022Yield to maturity2.995%Aug 22, 2022Yield to maturity3.239%Sep 6, 2022Yield to maturity3.507%Sep 20, 2022Yield to maturity3.854%Oct 4, 2022Yield to maturity3.949%Oct 19, 2022Yield to maturity4.466%Nov 2, 2022Yield to maturity4.409%Nov 17, 2022Yield to maturity4.046%Dec 2, 2022Yield to maturity3.802%Dec 16, 2022Yield to maturity3.739%Jan 3, 2023Yield to maturity4.056%Jan 18, 2023Yield to maturity3.528%Feb 1, 2023Yield to maturity3.575%Feb 15, 2023Yield to maturity4.169%Mar 2, 2023Yield to maturity4.470%Mar 16, 2023Yield to maturity3.881%Mar 30, 2023Yield to maturity3.806%Apr 13, 2023Yield to maturity3.621%Apr 27, 2023Yield to maturity3.726%May 11, 2023Yield to maturity3.482%May 25, 2023Yield to maturity4.094%Jun 9, 2023Yield to maturity4.117%Jun 26, 2023Yield to maturity4.186%Jul 11, 2023Yield to maturity4.455%Jul 25, 2023Yield to maturity4.428%Aug 8, 2023Yield to maturity4.310%Aug 22, 2023Yield to maturity4.680%Sep 6, 2023Yield to maturity4.656%Sep 20, 2023Yield to maturity4.755%Oct 4, 2023Yield to maturity4.825%Oct 19, 2023Yield to maturity4.997%Nov 2, 2023Yield to maturity4.754%Nov 16, 2023Yield to maturity4.563%Dec 1, 2023Yield to maturity4.287%Dec 15, 2023Yield to maturity4.101%Jan 2, 2024Yield to maturity4.082%Jan 17, 2024Yield to maturity4.128%Jan 31, 2024Yield to maturity4.048%Feb 14, 2024Yield to maturity4.395%Feb 29, 2024Yield to maturity4.436%Mar 14, 2024Yield to maturity4.499%Mar 28, 2024Yield to maturity4.444%Apr 11, 2024Yield to maturity4.805%Apr 25, 2024Yield to maturity4.877%May 9, 2024Yield to maturity4.658%May 23, 2024Yield to maturity4.756%Jun 7, 2024Yield to maturity4.707%Jun 24, 2024Yield to maturity4.547%Jul 9, 2024Yield to maturity4.489%Jul 23, 2024Yield to maturity4.334%Aug 6, 2024Yield to maturity3.891%Aug 20, 2024Yield to maturity3.888%Sep 4, 2024Yield to maturity3.707%Sep 18, 2024Yield to maturity3.562%Oct 2, 2024Yield to maturity3.611%Oct 17, 2024Yield to maturity3.952%Oct 31, 2024Yield to maturity4.157%Nov 15, 2024Yield to maturity4.302%Dec 2, 2024Yield to maturity4.185%Dec 16, 2024Yield to maturity4.250%Dec 31, 2024Yield to maturity4.290%Jan 15, 2025Yield to maturity4.294%Jan 30, 2025Yield to maturity4.219%Feb 13, 2025Yield to maturity4.324%Feb 28, 2025Yield to maturity4.011%Mar 14, 2025Yield to maturity4.045%Mar 28, 2025Yield to maturity3.957%Apr 11, 2025Yield to maturity3.992%Apr 25, 2025Yield to maturity3.807%May 9, 2025Yield to maturity3.934%May 23, 2025Yield to maturity4.052%Jun 9, 2025Yield to maturity4.073%Jun 24, 2025Yield to maturity3.876%Jul 9, 2025Yield to maturity3.938%Jul 23, 2025Yield to maturity3.958%Aug 6, 2025Yield to maturity3.785%Aug 20, 2025Yield to maturity3.824%Sep 4, 2025Yield to maturity3.708%Sep 18, 2025Yield to maturity3.630%Oct 2, 2025Yield to maturity3.620%Oct 17, 2025Yield to maturity3.543%Oct 31, 2025Yield to maturity3.683%Nov 17, 2025Yield to maturity3.703%Dec 2, 2025Yield to maturity3.589%Dec 16, 2025Yield to maturity3.520%Dec 31, 2025Yield to maturity3.541%Jan 15, 2026Yield to maturity3.556%Jan 30, 2026Yield to maturity3.583%Feb 13, 2026Yield to maturity3.508%Mar 2, 2026Yield to maturity3.591%Mar 16, 2026Yield to maturity3.682%Mar 30, 2026Yield to maturity3.781%Apr 13, 2026Yield to maturity3.773%Apr 27, 2026Yield to maturity3.725%May 11, 2026Yield to maturity3.757%May 26, 2026Yield to maturity3.843%Jun 9, 2026Yield to maturity3.886%Jun 24, 2026Yield to maturity4.042%Jul 9, 2026Yield to maturity4.005%Jul 23, 2026Yield to maturity4.070%Aug 6, 2026Yield to maturity4.021%Aug 20, 2026Yield to maturity3.894%Sep 3, 2026Yield to maturity3.958%Sep 9, 2026Yield to maturity4.021%

Price history

2,394 trading days to Sep 9, 2026

9095100105110115Feb 15, 2017Sep 9, 2026Feb 15, 2017Close97.750Mar 2, 2017Close97.906Mar 16, 2017Close97.594Mar 30, 2017Close98.531Apr 13, 2017Close100.156Apr 28, 2017Close99.688May 12, 2017Close99.281May 26, 2017Close99.938Jun 12, 2017Close100.344Jun 26, 2017Close100.969Jul 11, 2017Close99.063Jul 25, 2017Close99.375Aug 8, 2017Close99.781Aug 22, 2017Close100.313Sep 6, 2017Close101.250Sep 20, 2017Close99.781Oct 4, 2017Close99.406Oct 19, 2017Close99.438Nov 2, 2017Close99.250Nov 16, 2017Close99.000Dec 1, 2017Close99.031Dec 15, 2017Close99.188Jan 2, 2018Close98.344Jan 17, 2018Close97.438Jan 31, 2018Close96.281Feb 14, 2018Close94.594Mar 1, 2018Close95.469Mar 15, 2018Close95.438Mar 29, 2018Close96.156Apr 13, 2018Close95.531Apr 27, 2018Close94.531May 11, 2018Close94.406May 25, 2018Close94.719Jun 11, 2018Close94.656Jun 25, 2018Close95.281Jul 10, 2018Close95.313Jul 24, 2018Close94.781Aug 7, 2018Close94.656Aug 21, 2018Close95.625Sep 5, 2018Close95.250Sep 19, 2018Close94.000Oct 3, 2018Close93.531Oct 18, 2018Close93.406Nov 1, 2018Close93.781Nov 16, 2018Close94.219Dec 3, 2018Close94.938Dec 18, 2018Close96.156Jan 3, 2019Close98.125Jan 17, 2019Close96.688Feb 1, 2019Close97.156Feb 15, 2019Close97.375Mar 4, 2019Close97.031Mar 18, 2019Close97.906Apr 1, 2019Close98.656Apr 15, 2019Close98.281Apr 30, 2019Close98.688May 14, 2019Close99.344May 29, 2019Close100.500Jun 12, 2019Close101.563Jun 26, 2019Close102.094Jul 11, 2019Close101.625Jul 25, 2019Close101.906Aug 8, 2019Close104.375Aug 22, 2019Close104.813Sep 6, 2019Close105.250Sep 20, 2019Close103.875Oct 4, 2019Close105.688Oct 21, 2019Close103.750Nov 4, 2019Close103.781Nov 19, 2019Close103.656Dec 4, 2019Close103.688Dec 18, 2019Close102.625Jan 3, 2020Close103.594Jan 17, 2020Close103.375Feb 3, 2020Close105.344Feb 18, 2020Close105.125Mar 3, 2020Close109.000Mar 17, 2020Close108.906Mar 31, 2020Close111.438Apr 15, 2020Close111.875Apr 29, 2020Close111.625May 13, 2020Close111.750May 28, 2020Close111.469Jun 11, 2020Close111.625Jun 25, 2020Close111.500Jul 10, 2020Close111.656Jul 24, 2020Close111.875Aug 7, 2020Close112.094Aug 21, 2020Close111.750Sep 4, 2020Close111.406Sep 21, 2020Close111.656Oct 5, 2020Close111.125Oct 20, 2020Close110.969Nov 3, 2020Close110.406Nov 18, 2020Close110.406Dec 3, 2020Close110.313Dec 17, 2020Close110.438Jan 4, 2021Close110.531Jan 19, 2021Close109.750Feb 2, 2021Close109.688Feb 17, 2021Close108.750Mar 3, 2021Close107.625Mar 17, 2021Close107.063Mar 31, 2021Close106.250Apr 14, 2021Close106.688Apr 28, 2021Close106.750May 12, 2021Close106.656May 26, 2021Close107.156Jun 10, 2021Close107.594Jun 24, 2021Close106.781Jul 9, 2021Close107.406Jul 23, 2021Close107.813Aug 6, 2021Close107.563Aug 20, 2021Close107.438Sep 3, 2021Close107.406Sep 20, 2021Close107.219Oct 4, 2021Close106.438Oct 19, 2021Close105.313Nov 2, 2021Close105.375Nov 17, 2021Close104.906Dec 2, 2021Close105.156Dec 16, 2021Close105.188Dec 31, 2021Close104.781Jan 14, 2022Close103.344Jan 31, 2022Close103.031Feb 14, 2022Close101.625Mar 1, 2022Close103.188Mar 15, 2022Close100.563Mar 29, 2022Close98.750Apr 12, 2022Close98.031Apr 27, 2022Close97.375May 11, 2022Close97.063May 25, 2022Close97.813Jun 9, 2022Close96.281Jun 24, 2022Close95.844Jul 11, 2022Close96.375Jul 25, 2022Close97.063Aug 8, 2022Close96.875Aug 22, 2022Close95.906Sep 6, 2022Close94.875Sep 20, 2022Close93.563Oct 4, 2022Close93.250Oct 19, 2022Close91.375Nov 2, 2022Close91.656Nov 17, 2022Close93.063Dec 2, 2022Close94.031Dec 16, 2022Close94.313Jan 3, 2023Close93.219Jan 18, 2023Close95.188Feb 1, 2023Close95.063Feb 15, 2023Close93.000Mar 2, 2023Close92.031Mar 16, 2023Close94.125Mar 30, 2023Close94.438Apr 13, 2023Close95.125Apr 27, 2023Close94.813May 11, 2023Close95.688May 25, 2023Close93.688Jun 9, 2023Close93.688Jun 26, 2023Close93.531Jul 11, 2023Close92.750Jul 25, 2023Close92.906Aug 8, 2023Close93.344Aug 22, 2023Close92.281Sep 6, 2023Close92.438Sep 20, 2023Close92.219Oct 4, 2023Close92.094Oct 19, 2023Close91.688Nov 2, 2023Close92.469Nov 16, 2023Close93.094Dec 1, 2023Close93.969Dec 15, 2023Close94.563Jan 2, 2024Close94.688Jan 17, 2024Close94.625Jan 31, 2024Close94.906Feb 14, 2024Close94.031Feb 29, 2024Close94.000Mar 14, 2024Close93.906Mar 28, 2024Close94.125Apr 11, 2024Close93.281Apr 25, 2024Close93.188May 9, 2024Close93.813May 23, 2024Close93.656Jun 7, 2024Close93.875Jun 24, 2024Close94.344Jul 9, 2024Close94.563Jul 23, 2024Close95.000Aug 6, 2024Close96.094Aug 20, 2024Close96.156Sep 4, 2024Close96.625Sep 18, 2024Close97.000Oct 2, 2024Close96.938Oct 17, 2024Close96.250Oct 31, 2024Close95.875Nov 15, 2024Close95.656Dec 2, 2024Close95.969Dec 16, 2024Close95.906Dec 31, 2024Close95.906Jan 15, 2025Close95.969Jan 30, 2025Close96.188Feb 13, 2025Close96.063Feb 28, 2025Close96.719Mar 14, 2025Close96.719Mar 28, 2025Close96.938Apr 11, 2025Close96.938Apr 25, 2025Close97.313May 9, 2025Close97.156May 23, 2025Close97.031Jun 9, 2025Close97.063Jun 24, 2025Close97.438Jul 9, 2025Close97.406Jul 23, 2025Close97.438Aug 6, 2025Close97.750Aug 20, 2025Close97.750Sep 4, 2025Close97.969Sep 18, 2025Close98.125Oct 2, 2025Close98.188Oct 17, 2025Close98.344Oct 31, 2025Close98.219Nov 17, 2025Close98.250Dec 2, 2025Close98.438Dec 16, 2025Close98.563Dec 31, 2025Close98.594Jan 15, 2026Close98.625Jan 30, 2026Close98.656Feb 13, 2026Close98.781Mar 2, 2026Close98.750Mar 16, 2026Close98.719Mar 30, 2026Close98.688Apr 13, 2026Close98.750Apr 27, 2026Close98.844May 11, 2026Close98.875May 26, 2026Close98.875Jun 9, 2026Close98.906Jun 24, 2026Close98.875Jul 9, 2026Close98.969Jul 23, 2026Close99.000Aug 6, 2026Close99.094Aug 20, 2026Close99.219Sep 3, 2026Close99.250Sep 9, 2026Close99.250
The most recent 20 trading days of prices for 912828V98.
DateBidOfferClose
Sep 9, 2026–99.25099.250
Sep 8, 2026–99.25099.250
Sep 4, 2026–99.25099.250
Sep 3, 2026–99.25099.250
Sep 2, 2026–99.21999.219
Sep 1, 2026–99.21999.219
Aug 31, 2026–99.21999.219
Aug 28, 2026–99.21999.219
Aug 27, 2026–99.21999.219
Aug 26, 2026–99.21999.219
Aug 25, 2026–99.21999.219
Aug 24, 2026–99.21999.219
Aug 21, 2026–99.21999.219
Aug 20, 2026–99.21999.219
Aug 19, 2026–99.21999.188
Aug 18, 2026–99.21999.219
Aug 17, 202699.23499.21999.219
Aug 14, 202699.20399.18899.188
Aug 13, 202699.17299.15699.156
Aug 12, 202699.17299.15699.156

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912828V98.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 8, 2017Feb 15, 2017New issue$23.0bn$25.7bn2.29x2.333%
Mar 8, 2017Mar 15, 2017Reopening$20.0bn$20.0bn2.66x2.560%
Apr 11, 2017Apr 17, 2017Reopening$20.0bn$20.2bn2.48x2.332%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.